Markets In Everything: iPhone Check Deposit App
San Antonio Express News -- Need to deposit a check into your USAA Federal Savings Bank account? USAA has an app for that. The San Antonio-based company is testing the feature for its iPhone application among its employees and plans to release it to the public soon.
With the application, USAA members simply sign the back of any check and then use their iPhone camera to take a picture of the check's front side and back side. They enter some information into the application — including the amount and where it's to be deposited — and then the funds are credited to the designated account.
Most checks will get immediate availability of funds. USAA uses an algorithm that reads details on a check to make sure it's not phony.
Originally posted at Carpe Diem.